Top industry leaders discuss how Australia can make the most of mining’s trillion-dollar opportunity.
- Opinion
- Chanticleer
Why Webjet wants to let the Ferrari out of the garage
Breaking up is usually hard to do – but fed-up investors are mad for it. Webjet is jumping on the bandwagon.
Labor’s budget ‘inflationary on every measure’: Costello
Future Fund chairman and former federal treasurer Peter Costello says Labor should pay off debt while Australia enjoys record iron ore, coal and gas prices.
Passengers describe horror of Singapore Airlines jet plunge
Eight Australians are among the injured after severe turbulence flung passengers and crew around the cabin and forced the plane to land in Bangkok.
EY tax advice cost Billabong founder $50m
A Federal Court judge found there were no logical reasons for transactions undertaken by Gordon Merchant, other than to minimise his tax.
- Live
- Need to Know
‘Commercially viable’ nuclear won’t need subsidies: Taylor
Shadow treasurer Angus Taylor says establishing nuclear power sources may be cheaper than CSIRO has warned; Resources Minister Madeleine King say supporting the critical minerals industry is a matter of national security. Live updates here.
- Live
- Markets Live
ASX flat; Telstra falls, Inghams says unaffected by Victorian bird flu
BHP’s bid faces London deadline. AP Eagers crashes on inflation warning. Webjet jumps on split plans. Telstra loses 4pc. Lendlease chairman to depart. Follow here.
- Opinion
- Chanticleer
Lendlease change can’t stop with chairman’s retirement
The retirement of Lendlease chairman Michael Ullmer will be welcomed by the company’s small army of critics. But it’s what happens next that counts.
The Australian Financial Review has launched an improved app for iPhone and iPad users.
AFR MINING SUMMIT
King says BHP prioritised shareholder returns over nickel jobs
The miner has said it will decide whether to close its nickel business by August. The Resources Minister says there has been a decade of underinvestment.
Inside the most promising critical minerals discovery in years
WA1 Resources has enjoyed a 108-fold increase in share price since floating in 2022 thanks to a discovery near the tiny remote community of Kiwirrkurra in WA.
- Exclusive
- Mining Summit
King accuses ‘anti-WA’ Dutton of jeopardising national security
Federal Resources Minister Madeleine King also accuses the opposition leader of stoking class warfare by opposing the government’s production tax credits for miners.
- Opinion
- The AFR View
From euphoria to subsidies to kick-start the next great mining hopes
An Australian mining industry more used to being threatened by super-profit tax raids is being offered handouts to kick-start its way into the low carbon era.
- Exclusive
- Mining Summit
Cook says magnetite will make WA the ‘California of Australia’
WA’s future in resources wasn’t just linked to battery minerals, but also to a different variety of iron ore largely overlooked by our mining industry: magnetite.
Get the latest business news on the go with the AFR’s new iOS app.
Companies
- Exclusive
- Pubs
Public Hospitality Group’s Jon Adgemis raided by tax authorities
The company, which owns a sprawling portfolio of pubs, has been attempting to refinance its significant loans with Deutsche Bank in a bid to avert collapse.
Webjet shares surge as it flags demerger, record earnings
Demand for travel has kept the earnings of the online travel bookings company solid in FY 2024, with plans to split its business-facing and direct-to-consumer operations.
Rich Lister down $160m as Eagers shares crash on profit warning
Australia’s biggest car dealership group warned of a June-half profit drop as household cost-of-living pressures rise.
Lendlease chairman to step down at AGM
Michael Ullmer has bowed to investor pressure, confirming he will step down at the company’s shareholder meeting in November.
APRA warms to AI, tells banks they can adopt it
A senior APRA member has told an industry event that banks with proper governance systems and technology in place should feel confident proceeding with advanced AI.
CBA to accept $10k deposits to speed up off-the-plan construction
Commonwealth Bank will allow $10,000 deposits to be viewed as 10 per cent deposits on certain projects to make it easier for developers to get construction financing.
- Exclusive
- Gaming & wagering
Brisbane developer at centre of Star’s Hard Rock mystery
The Florida-based entertainment giant said it had not authorised its name for use, despite Star telling investors it had received a proposal.
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Markets
Morgan Stanley turns more bullish on ASX – here’s how it’s positioned
The broker has upped its target for the Australian market by another 10 per cent and says with rates staying high for longer, it’s time to rethink bank stocks.
Why a small Pacific island territory is upending nickel prices
New Caledonia possesses an estimated 25 per cent of the world’s nickel resources and accounts for 6 per cent of global production of the metal.
The ASX stocks fundies are avoiding – and what they’re backing instead
With the ASX 200 trading within 50 points of its record high on Monday, here’s what these fund managers think could be ripe for a re-rate.
VGI founder Robert Luciano pulls millions from Regal-owned funds
The high-profile stock picker has sold stakes in the funds managed by Phil King after registering a new venture last month.
How one of the world’s oldest hedge funds went bankrupt
Weiss Multi-Strategy Advisers, one of New York’s oldest hedge funds, went bankrupt while outperforming the market. The reason: high salaries and bonuses.
Opinion
From euphoria to subsidies to kick-start the next great mining hopes
An Australian mining industry more used to being threatened by super-profit tax raids is being offered handouts to kick-start its way into the low carbon era.
Editorial
Bill Shorten’s NDIS spending claims can’t be trusted
For hard-working taxpayers, the NDIS minister must deliver his pledged $14.4 billion savings, not just forecasts.
Economics editor
Gas industry hawks its carbon credentials
Barrow Island and its inhabitants of kangaroos, perentie lizards and rare native fauna is also home to the world’s largest dedicated carbon capture and storage project.
Columnist
Why you can’t argue the $300 energy rebate will lower inflation
Energy bill relief increases real disposable income and boosts aggregate demand. We can debate how far they push inflation, but not that the direction is up.
Economist
Arrest warrants huge blow for Israel and massive gamble by ICC
The question of how the US president responds to this, along with Congress, now becomes critical.
Columnist
Hamas’ defeat, helping Ukraine win, best for West
The sooner Israel defeats Hamas, the better. And also the sooner the US focuses attention on helping Ukraine win the war, the better.
Editorial
Reports
The future of financial advice
This special report looks at options to make financial advice more accessible and affordable, including robo-advice.
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- Exclusive
- Federal budget
BCA quits big-spending welfare advisory board
The Business Council, representing top 100 CEOs, has left the government’s Economic Inclusion Advisory Committee, arguing it put insufficient priority on workforce participation.
- Exclusive
- Mining Summit
King accuses ‘anti-WA’ Dutton of jeopardising national security
Federal Resources Minister Madeleine King also accuses the opposition leader of stoking class warfare by opposing the government’s production tax credits for miners.
Coalition to bring back tax and spending limits: Taylor
The Coalition will reintroduce speed limits on tax and spending, and implement reform to encourage investment and aspiration.
PM’s refusal to slap down international court ‘tarnishes’ Australia
Jewish groups and Peter Dutton say Anthony Albanese should join the US and condemn the International Criminal Court’s pursuit of Benjamin Netanyahu over war crimes.
Labor premiers leave Miles on his own with Dutton on immigration
Former treasurer Wayne Swan has accused Peter Dutton of “dog whistling on migration”.
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World
‘Hitler’s language’: Biden calls Trump ‘unhinged’ for ‘reich’ post
The US president has seized on a video posted to the Republican’s social media account that referred to a “unified reich” if Donald Trump won a second term.
Trump declines to take the witness stand in hush money trial
Jurors could begin deliberating as soon as next week to decide whether the former president is guilty of 34 felony counts of falsifying business records.
- Analysis
- Iran sanctions
How sanctions played havoc with Iran’s ageing helicopters
The US-made Bell 212 carrying the country’s president and foreign minister was almost 30 years old when it crashed into a mountainside.
- Opinion
- Global economy
Why China is reluctant to help consumers spend more
China’s rulers see cautionary tales in consumer-driven American capitalism. They aspire to build a manufacturing superpower rather than a rich consumer society.
First Aussies home from riot-hit New Caledonia after RAAF rescue
French authorities have given permission for evacuation flights to take off and land in Noumea.
Property
- Exclusive
- Hotels
Collins Street tower to appeal to return-to-office ‘boltholers’
Developer Sterling Global believes corporate high-flyers commuting into town from regional locations on a more regular basis will want a CBD bolthole.
CBA to accept $10k deposits to speed up off-the-plan construction
Commonwealth Bank will allow $10,000 deposits to be viewed as 10 per cent deposits on certain projects to make it easier for developers to get construction financing.
Old guard of US beachfront revolts over first new luxury condos in decades
What’s at stake is a contest to unlock prime waterfront land for extravagant buildings for wealthy newcomers from the US Northeast, Midwest and California.
The top suburbs where home values have bounced out of decline
House prices in some top-end suburbs have bounced back from falls in the previous quarter as demand rises amid lack of stock.
Press ‘go’ on the $20b boom in renewables development
Renewables construction will hit $20 billion annually by 2026/27 as the country races towards ambitious carbon targets and coal-fired power stations close.
Wealth
I’m a risk-taker but he plays it safe. How do we invest as a couple?
Mismatched risk appetite is a common problem in relationships. How can couples get over this hurdle when investing together?
- Opinion
- Managed funds
More zeros than heroes in active funds management
Don’t be fooled by short-term performance data and carefully assess after-fee returns.
- Opinion
- Cash
Why holding too much cash can be harmful to your wealth
As a standalone asset class cash has long underperformed bonds, property, and shares.
Technology
Corporate regulation is not as bland as AI thinks: Longo
ASIC asked a generative AI program to summarise reams of documents as a test. The results were more boring than the originals.
Zip’s Larry Diamond returning to Sydney, says US mission accomplished
Diamond says he heeded warnings from James Gorman, setting Zip onto a profitable path in the US, where he expects BNPL to keep winning share off credit cards.
Scarlett Johansson takes on Sam Altman over ‘eerily’ similar AI voice
The Hollywood actor says she was “shocked” by the use of a voice “eerily similar” to her own in the latest worry for the ChatGPT maker.
Work & Careers
Cost-cutting advisers the bright spot in professional services
Advisers are being increasingly asked to conduct cost-cutting programs, from upskilling and reducing staff numbers to digitisation and automation.
This lawyer left a major firm to work with robots in New York City
Sydney employment lawyer Jess Harvie quit her job at Corrs and gave herself three months to find work in the tech start-up sector in New York City. She hasn’t looked back.
Life & Luxury
- Opinion
- Style
Forget the big names: fashion brands pivot to less-familiar faces
Instead of models and superstar celebrities, campaigns are finding value in unexpected talent.
‘I’ll stay where she’s staying’: Insiders give their top Paris tips
It took some arm twisting, but these four leading Australian hoteliers have revealed where they love to bed down when in the city of light.
Replica Ozempic and Mounjaro will be banned by October
The ruling preserves the status quo of the drug market in a boon to big pharmaceutical firms and a blow to start-ups that are trying to disrupt the sector.
Fans of the BBBE diet claim it’s the key to wellbeing
TikTok and Instagram are full of videos of men wolfing down steak, ground beef, burger patties and slabs of butter who claim the diet is the key to mental and physical wellbeing.
Bollinger unveils big plans to boost wine tourism
The famous French champagne house will move into luxury oenotourism. You’ll even be able to stay in Madame Bollinger’s grand family house.
